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6.Interest
medium
A man borrows ₹ $4000$ from a bank at $7 \frac{1}{2} \%$ compound interest. At the end of every year he pays ₹ $1500$ as part repayment of loan and interest. How much does he still owe to the bank after three such instalments (In ₹) ?
A
$123.25$
B
$125$
C
$400$
D
$469.18$
Solution
(a) Balance $=₹\left[\left\{4000 \times\left(1+\frac{15}{2 \times 100}\right)^{3}\right\}\right.$
$\left.-\left\{1500 \times\left(1+\frac{15}{2 \times 100}\right)^{2}+1500 \times\left(1+\frac{15}{2 \times 100}\right)+1500\right\}\right]$
$=₹ 123.25$
Standard 13
Quantitative Aptitude
